Okta CEO and co-founder Todd McKinnon speaks at the BoxWorks 2019 conference in San Francisco, California on October 3, 2019.
Michael Short | Bloomberg | Getty Images
shares Octa Shares of the identity management company surged more than 18% in after-hours trading on Tuesday following the news. Third quarter results That beat analysts’ expectations and provided upbeat guidance.
Here’s what the company does:
- Earnings per share: On an adjusted basis, it was 67 cents, compared with the LSEG forecast of 58 cents.
- income: US$665 million, compared with US$650 million expected by LSEG.
Okta helps companies manage employee access to applications or devices with features like single sign-on and multi-factor authentication. The company turned a profit, with net income for the quarter of $16 million, or 9 cents a share, compared with a net loss of $81 million, or 49 cents a share, a year earlier.
According to statistics, revenue increased by 14% from US$569 million a year ago. release. The company’s subscription revenue for the quarter was $651 million, beating analysts’ average estimate of $635 million, according to Street Account.
“Our solid performance in the third quarter was driven by continued strong profitability and cash flow,” Okta CEO Todd McKinnon said in a statement. “We have strong performance across our partner ecosystem, public sector verticals and large customers. “
Okta said fourth-quarter revenue is expected to be between $667 million and $669 million, higher than LSEG’s average estimate of $651 million. The company forecast earnings of 73 cents to 74 cents per share for the period, also beating estimates.
As of the close, Okta’s stock price was down 10% for the year, while the Nasdaq index was up 30% during the same period.
Okta will hold its quarterly conference call with investors at 5 p.m. Eastern Time.
watch: CNBC’s full interview with Okta CEO Todd McKinnon
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